Insider Sale: CBL Director Disposes 1,623 Shares on 09/30/2025

Rhea-AI Filing Summary

CBL & ASSOCIATES PROPERTIES INC (CBL) director David M. Fields reported a sale on 09/30/2025 of 1,623 common shares at a price of $30.22 per share. After the transaction he beneficially owned 18,768 shares in a direct capacity. The Form 4 was signed by an attorney-in-fact on 10/01/2025.

Positive

• Full disclosure of transaction details including date, price, quantity and post-transaction holdings
• Form filed by one reporting person and signed via attorney-in-fact, indicating procedural completion

Negative

• Director executed a sale of 1,623 shares which reduced direct holdings
• No explanation provided in the form for the reason for the sale

Insights

Securities Analyst

TL;DR: Director sale of 1,623 shares reported; holdings remain disclosed and direct.

The filing documents a straightforward sale by a reporting person identified as David M. Fields on 09/30/2025 at $30.22 per share, leaving a direct beneficial ownership of 18,768 shares. The disclosure is complete for a Form 4: transaction date, type, amount, price and post-transaction holdings are all provided. No derivatives, grants or other transactions are reported. The filing was executed by an attorney-in-fact and bears a signature date of 10/01/2025.

Corporate Governance Expert

TL;DR: Timely insider disclosure of a routine share sale by a director; governance process followed.

The report shows the director relationship and indicates the transaction was filed as an individual Form 4. Required fields are present, including relationship to issuer, transaction code, number of shares sold, sale price and resulting direct ownership. The use of an attorney-in-fact for signature is noted and properly identified. The filing contains no additional governance issues or related-party details.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Fields David Michael

(Last) (First) (Middle)

C/O CBL PROPERTIES

2030 HAMILTON PLC BLVD, CBL CTR, STE 500

(Street)

CHATTANOOGA TN 37421

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CBL & ASSOCIATES PROPERTIES INC [ CBL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		S		1,623	D	$30.22	18,768	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Jeffery V. Curry, attorney-in-fact for David M. Fields	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4 filed for CBL on 09/30/2025 disclose?

The Form 4 disclosed a sale of 1,623 common shares at $30.22 per share by reporting person David M. Fields, leaving 18,768 shares beneficially owned.

Who is the reporting person on this Form 4 for CBL?

The reporting person is identified as David M. Fields, listed with an address c/o CBL Properties and noted as a Director.

When was the Form 4 transaction executed and when was the form signed?

The transaction date is 09/30/2025 and the Form 4 bears a signature by an attorney-in-fact dated 10/01/2025.

What type of transaction code is recorded on the Form 4?

The Form 4 records a sale transaction indicated by code "S" for the 1,623 shares sold.

Does the Form 4 show any derivative securities or other transactions?

No. Table II for derivative securities contains no entries; only a non-derivative common stock sale is reported.